99 Cent Only Store buys commercial center for all cash

CoStar Group, an information provider for commercial real estate, announced this week that the 99 Cent Only Stores purchased the 30,090-square-foot retail shopping center at 24200-24270 Lyons Avenue in Newhall.

The commercial property was purchased for $4.8 million, equaling $159.52 per square foot, from Leo Brown Martial Trust.The 99 Cent Only Store already occupies 21,400 square feet, or close to three-quarters of the retail center. The remaining space is occupied by various tenants.

It was reported that there were no brokers involved, and this was an all-cash transaction. 99 Cent Only stores will assume the property management and leasing responsibilities for the property.